DTA

Corso Ordinario Secondo Livello

CIGNARELLA, CARLO

etd-10022025-154335

Do energy efficiency incentives raise house prices? The case of the SuperEcobonus 110% in Italy

Classe Scienze Sociali

SCIENZE ECONOMICHE E MANAGERIALI - SCIENZE ECONOMICHE E MANAGERIALI

Tutor Prof. FREY, MARCO
Relatore Prof. MINA, ANDREA
Presidente Prof. MONETA, ALESSIO
Membro Dott.ssa POCEK, JASNA
Membro Prof. BELLE', NICOLA
Membro Prof. DI MININ, ALBERTO
Membro Prof.ssa MARTINELLI, ARIANNA

• SuperEcobonus
• energy efficiency
• house prices
• municipalities

28/11/2025;

parziale

The essay investigates the effect of the SuperEcobonus 110%, an extra-ordinary tax incentive for the energy efficiency renovation of residential buildings, on average house prices in Italian municipalities. The empirical strategy is based on a difference-in-difference approach, which exploits granular information on the location and the individual cost of SuperEcobonus projects included in the National Recovery and Resilience Plan by February 2023. Estimates suggest that average minimum and maximum house sale prices rose between 2.5 and 2.7% in response to the incentive in municipalities that were assigned at least one project, within two years from the projects' conclusion. This result confirms that house prices do reflect buildings' energy efficiency level, but also raises concerns about the distributional impact of of tax incentives for house renovations: the private benefit in terms of enhanced real estate wealth should be accurately considered, along with environmental social benefits, for the design of similar policies.

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